With legislation now passed to impose the electronic reporting requirements of Single Touch Payroll (STP), software providers are scrambling to come up with cost effective solutions for those small businesses impacted by the change. Although STP has applied to employers with more than 20 employees from 1 July 2018, the legislation passed sets a date of 1 July 2019 as the starting reporting date for those businesses with less than 20 employees.
In a common sense move, the ATO has realised that concessions need to be given and have eased the burden of these new requirements. In a move which recognises the issues software providers are experiencing trying to come to market with a cost effective but efficient reporting solution for small businesses, the ATO has pushed back the required start date from 1 July 2019 to 1 October 2019.
In a recent announcement they have issued a further exemption to 1 July 2020 for those businesses who only pay its owners or related parties.
If you need assistance with your business’ compliance with STP, please do not hesitate to contact us.